EU Auditors Say Europe Is Falling Behind on AI Investment
The EU is failing to keep pace with the U.S. and global leaders on AI development, the European Court of Auditors said in a report Tuesday. The EU’s independent auditor concluded the European Commission is failing to properly coordinate with…
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member states on a strategic AI plan. EU plans are suffering because the commission didn’t set up a system for monitoring how AI investments are performing, the ECA said. EU investment targets “remain too vague and outdated: they have not changed since 2018, and the lack of ambition for investment targets contrasts with the objective of building a globally competitive AI ecosystem,” the ECA said. “The US has long been a front runner in AI, while China plans to become the global AI leader by 2030, with both countries relying on substantial private investment through their tech giants.” According to the ECA, the EU expected 20 billion euros ($21 billion) in public and private AI investment between 2018 and 2020. It projected 20 billion euros per year between 2020 and 2030. Senate Majority Leader Chuck Schumer, D-N.Y., in October called for at least $32 billion annually in U.S. nondefense spending to maintain the lead in AI innovation (see 2310250034).